• following:How did GDP, unemployment, and the cost of living change during the last recession? Be sure to provide aggregate statistics from the appropriate government sources.
• How was fiscal and monetary policy used to reduce the recessionary gap?Be sure to provide specific examples.
• What were the expected benefits of the policies adopted? What were the potential costs of the policies adopted?
• What phase of the business cycle is our economy currently in? Be sure to use current aggregate statistics to support your answer.